Current Affairs

First Revised Estimates of National Income 2016-17 Released

The Central Statistics Office (CSO), Ministry of Statistics and Programme Implementation has released the First Revised Estimates of National Income, Consumption Expenditure, Saving and Capital Formation for the financial year 2016-17.
  • Along with this, the Second Revised Estimates for the financial year 2015-16 and Third Revised Estimates for the financial year 2014-15 (with Base Year 2011-12) were also revised as per the revision policy.

Highlights

  • As per the data, nominal GDP at current prices for 2016-17 is estimated as Rs 152.54 lakh crore while that for the year 2014-15 is estimated as Rs. 124.34 lakh crore, exhibiting a growth of 10.0 percent during 2015-16 as against 10.7 percent during 2014-15.
  • The First Revised Estimates for the year 2015-16 have been compiled using industry-wise/institution-wise detailed information instead of using the benchmark-indicator method employed at the time of the release of Provisional Estimates on 31st May 2016. 
  • The nominal GVA at basic prices has increased by 10.1 percent during 2016-17, as against 8.6 percent during 2015-16 and 10.7 percent during 2014-15. 
  • Nominal Net National Income (NNI) at current prices for the year 2015-16 stands at Rs. 120.83 lakh crore as against Rs. 109.61 lakh crore in 2014-15, showing an increase of 10.2 percent during 2015-16 as against an increase of 10.7 percent in the previous year.
  • Gross National Disposable Income (GNDI) at current prices is estimated as Rs. 139.29 lakh crore for the year 2015-16, while the estimate for the year 2014-15 stands at Rs. 126.91 lakh crore, showing a growth of 9.7 percent as against 10.4 percent in the year 2014-15.
  • Gross Saving during 2015-16 is estimated as Rs. 44.05 lakh crore as against Rs. 40.98 lakh crore during 2014-15. The rate of Gross Saving to GNDI for the year 2015-16 is estimated as 31.6 percent as against 32.3 percent, estimated for 2014-15.
  • Gross Capital Formation (GCF) at current and constant prices is estimated by two approaches –
  • Through flow of funds, derived as Gross Saving plus net capital inflow from abroad by the commodity flow approach, derived by the type of assets
  • The estimates of GCF through the flow of funds approach are treated as the firmer estimates, and the difference between the two approaches is taken as errors and omissions.
  • Private Final Consumption Expenditure (PFCE) at current prices is estimated at Rs. 79.00 lakh crore for the year 2015-16 as against Rs. 72.73 lakh crore in 2014-15.
  • Government Final Consumption Expenditure (GFCE) at current prices is estimated as Rs. 14.12 lakh crore for the year 2015-16 as against Rs. 12.98 lakh crore during 2014-15.
  • At constant prices, the growth rates of primary (comprising agriculture, forestry, fishing, mining and quarrying), secondary (comprising manufacturing, electricity, gas, water supply and other utility services) and tertiary (services) sectors have estimated as 7.4 percent, 6.1 percent and 7.5 percent respectively during 2016-17.
First Revised Estimates of National Income 2016-17 Released First Revised Estimates of National Income 2016-17 Released Reviewed by Aman Bhatia on February 03, 2018 Rating: 5

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